PSA: Changes to TN franchise tax. Refund Possible

[Sammy Habbaz]

For those that don't know, TN recently changed the way the franchise tax is calculated. 

Before it was calculated based off of the greater of net worth (most RE entities have a negative net worth) and property base, with a minimum of $100 due. Now they are saying property base calculation is unconstitutional. Therefore, those who were charged based off this calculation can get a refund for 2020-2023.

In order to receive the refund, you need to file an amended return. You have until November 30th. Some people have already received notices, but not everyone eligible will be notified. So it's important to reach out to your accountant to see if you can get a refund.